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Mandhana Industries Ltd. Company History and Annual Growth Details

Our Company was incorporated on July 25, 1984 at Mumbai in the State of Maharashtra as Mandhana Textile Mills Private Limited
under the Companies Act, 1956, with registration number 11-33553 of 1984.

With effect from July 1, 1993, our Company was converted into a deemed public limited company under Section 43A of the
Companies Act, 1956, whereby the word 'Private' was deleted from the name of our Company.

On April 18, 1995 the name of our Company was changed from 'Mandhana Textile Mills Limited' to Mandhana Industries
Limited.

On March 27, 2002, pursuant to Section 43A (2A) of the Companies Act, 1956, our Company was converted from a deemed public
limited company to a private limited company and our Companys name was changed to 'Mandhana Industries Private Limited'.
On May 15, 2007, our Company was converted into a public limited company whereby the word 'Private' was deleted from the name
of our Company. Further, a Corporate Identification Number U17120MH1984PLC033553 was allotted to our Company.

The evolution of our Company can be traced through the following phases:

I: Expansion into major categories of textiles business

Though our Companys operations started in the year 1984 through textile trading, our processing activities commenced in the year
1994, with setting up of a plant at Tarapur for processing and printing of fabrics called as 'Mandhana Dyeing Unit'.

In 1998, pursuant to our venture into fabrics processing, we decided to expand our horizons by penetrating the international garments
market and thereby began our export operations to the European market. At present, we export garments on a global scale to
international garment markets.

With effect from February 10, 1999 the Registered Office of our Company was changed from C-12, Sarvodaya Nagar, 1st Panjrapole
Road, Mumbai - 400002 to 137, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai - 400013.

Further, in 2002, in order to meet our internal requirements and thereby simultaneously reduce our costs, our Company set up a
Weaving House at Tarapur for production of greige fabrics, called as 'Mandhana Weaving House Unit'.

With effect from May 3, 2003 the Registered Office of our Company was changed from 137, Kewal Industrial Estate, Senapati Bapat
Marg, Lower Parel, Mumbai - 400 013 to 154/155, Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel, Mumbai -400 013.

Further, in 2003, we set up a sales office in Delhi so as to facilitate our market expansion into the northern region of India.

II: Scaling up of operations to become internationally competitive

In 2004, in order to meet our global garment demand, we established a modernised garment manufacturing unit called as 'Mandhana
Industries Export Division (Bangalore Unit)' at Bangalore. The garments manufactured therein cater to our international demand,
thereby meeting the specified international criteria of our various international customers. Further, in 2004, we set up a sales office in
Chennai so as to facilitate our market expansion into the southern region of India.

In 2005, we set up a new modernised unit called as 'Mandhana Weaving House (Shirting Division)' at Tarapur which is engaged in
manufacturing various fabrics including cotton, polyester etc. as well as engaging in the process of yarn dyeing. Further, with the
intention of attaining a global image and strengthening our foothold therein, we set up a liaison office at Paris called as 'Mandhana
Europe'.

On May 11, 2005, the Registered Office of our Company was changed from 154/155, Kewal Industrial Estate, Senapati Bapat Marg,
Lower Parel, Mumbai - 400 013 to 205/214, Peninsula Centre, Dr. S. S. Rao Road, Off Dr. Ambedkar Road, Parel (East), Mumbai
400012.

III: Becoming end to end player in textile and garment market

Our further expansion into processing, weaving and garmenting further enhanced our capacity thereby enabling us to cater to a greater
number of customers both domestically and in the export markets. Our focus on quality, designing and sampling inputs and lower
turnaround time has made us the vendor of choice for many customers.

Our focus on mid to high-end segments has helped us in maintaining our margins. The current expansion of facilities would
complement our presence in the textile and garment value chain starting from yarn dyeing to selling our garments through our
overseas offices.

In the year 2008, we commenced our commercial production at three garment manufacturing units set up at Bangalore and we also set
up a design studio cum garment sampling house at Sewree, Mumbai.

In the year 2009, we commenced our commercial production at the modernised CDR/CBR Processing Unit set up at Tarapur,
Maharashtra.

In September, 2009 Axis Bank Limited subscribed to 21,73,913 equity shares of face value Rs. 10/- each at a premium of Rs. 105/-
each of our Company for an amount aggregating to Rs. 2,500 lacs.

On March 10, 2010 the Registered Office of our Company was changed from 205/214, Peninsula Centre, Dr. S. S. Rao Road, Off Dr.
Ambedkar Road, Parel (East), Mumbai - 400 012 to Plot Number C-3, MIDC, Tarapur Industrial Area, Boisar, District- Thane-401
506, Maharashtra.

Our manpower strength as on March 31, 2010 is 4,327 people. In the FY ending 2009, we were operating with 183 weaving looms
producing approximately 180.00 lac meters of greige fabric per annum and 1,150 sewing machines with an overall production
capacity of 36.00 lac garment pieces per annum. Further our processing capacity of finished fabric was 516.00 lac metres per annum
and our yarn dyeing capacity is 30.00 lac kgs per annum.

Major Events:

Year Key Events

1984 Our Company was incorporated as a private limited company

1993 Our Company was converted into a deemed public limited company under Section 43A of the Companies Act

1994 Ventured into manufacturing activities by setting up of Mandhana Dyeing Unit at Tarapur.

1995 Change of name of our Company to Mandhana Industries Limited

1998 Exports to the European garments market

Our Company was converted from a deemed public limited company to a private limited company 2002 Setting up of Mandhana Weaving House Unit at Tarapur

2003 Setting up of sales office in Delhi

2004 Establishment of Mandhana Industries Export Division (Bangalore Unit) at Bangalore

Settting up of sales office in Chennai

2005 Establishment of Mandhana Weaving House (Shirting Division) at Tarapur

Settting up of a liaison office at Paris called as Mandhana Europe

2007 Our Company was converted into a public limited company

2008 Commencement of commercial production at three units of the garment manufacturing plant set up at Bangalore.
Setting up of design studio cum garment sampling house at Sewree, Mumbai.

Structured Investments Limited subscribed to 2,50,000 equity shares of face value Rs. 10/- each at a premium of Rs.288/- each of our Company for an amount aggregating to Rs. 7,44,92,000.

2008 Commencement of Commercial production at the modernised CDR/CBR Processing Unit set up at Tarapur,
Maharashtra.

Axis Bank Limited subscribed to 21,73,913 equity shares of face value Rs. 10/- each at a premium of Rs. 105/- each of our Company for an amount aggregating to Rs. 25,00,00,000.
 
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